REG - Image Scan Holdings - Trading Statement

Image Scan HoldingsAnnouncement

28/02/2024 07:00

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RNS Number : 6756E  Image Scan Holdings PLC  28 February 2024

This announcement contains inside information for the purposes of Article 7 of
the UK version of Regulation (EU) No 596/2014 which is part of UK law by
virtue of the European Union (Withdrawal) Act 2018, as amended ("MAR"). Upon
the publication of this announcement via a Regulatory Information Service,
this inside information is now considered to be in the public domain.

 

 

 

 

 

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IMAGE SCAN HOLDINGS PLC

("Image Scan" or the "Company")

 

Trading Statement

 

Image Scan, (AIM: IGE) (about%3Ablank) specialists in the field of real-time
X-ray imaging for the security and industrial inspection markets provides a
trading update ahead of its Annual General Meeting being held later today.

 

Highlights:

 

·      The ThreatScan®-AS2 product was launched at the Middle Eastern
Security Exhibition

·      Order for Axis-CXi, the cabinet-based mail screener, expanded
into new territories, including Spain and Switzerland

·      Attended European and Middle Eastern demonstrations with new
portable products and product combinations

·      Commenced activities (with largest shareholder support) to
identify strategic acquisition opportunities

 

Following a successful return to profit in 2023, trading in the current
financial year has begun more slowly in terms of sales and order intake. The
order book as at January  2024 was £611k. As a consequence of the slow
start, the results for the year are expected to be significantly second half
weighted with the second half expected to benefit as the current pipeline of
sales opportunities is converted. ThreatScan®-AS1 is increasing its
contribution to the business and is providing opportunities in larger volume
tender processes historically unavailable to Image Scan. The Company is
participating in multiple unit government tender opportunities for the
portable x-ray product, which if successful will add to the order book, which
is already weighted to H2. Positive feedback from partners and sales team
instils confidence in the sales pipeline for the year.

 

The year to date has seen extensive marketing activities; the team has been
actively attending exhibitions in Europe and the Middle East and going on
territory visits, to showcase and demonstrate the enhanced product portfolio.
The focus is on the latest addition to the product family, the
ThreatScan®-AS2, a very thin and light weight imaging panel ideal for rapid
response Counter Explosive Ordnance operations using a backpack deployment,
launched at the Middle Eastern Security Exhibition. The introduction of the
ThreatScan®-AS2 compliments the ThreatScan®-AS1, expanding outreach to a
broader customer and more sophisticated territory base. The Group received
orders for Axis-CXi, the cabinet-based x-ray system for screening mail,
parcels and small baggage for potentially harmful items and contraband,
expanded into new territories, including Spain and Switzerland.

 

 

We are adeptly managing the reduction in industrial business supporting the
catalyst market (associated with the internal combustion engine), as this
sector undergoes geographic migration to lower cost-based locations. Image
Scan is focusing on service and support revenue rather than relying on capital
equipment sales.

 

As announced in the final results for the year ended 30 September 2023, the
board are looking to create strategic opportunities to expand the business
through partnerships and acquisitions. The Board, with the support of the
Company's largest shareholder, has commenced a process of identifying and
analysing organisations offering complementary products or technology that
would benefit from Image Scan's well developed partner network.

 

 

Vince Deery, Chief Executive Officer of Image Scan said: "The launch of
ThreatScan®-AS2 aligns with our strategy to introduce higher performing
products to enable competition in wider geographies and more government
opportunities. The endorsement of the strategy is evidenced by our
participation in a number of tender processes that would not have been
possible previously."

 

The Image Scan Holdings plc AGM will take place on 28 February at 13.30 at its
Barrow-Upon-Soar HQ, with online attendance also facilitated.  A brief
presentation will be given by the Board, which will be made available on the
investor's website immediately after close of the meeting.  For more
information, please visit www.3dx-ray.com/investor-relations/.

 

Further detail will be provided in Image Scan's interim results in April 2024.

 

-ENDS-

 

 Image Scan Holdings plc                       WH Ireland Limited

 Vincent Deery                                 Nominated Advisor and Corporate Broker

 Chief executive officer                       Mike Coe / Sarah Mather (Corporate Finance)

 Sarah Atwell-King,                            Tel: +44 (0) 207 220 1666

 Chief financial officer, Company Secretary

 Tel: +44 (0) 1509 817400

 https://www.3dx-ray.com/investor-relations/

 

For further information on the Image Scan, please visit: www.ish.co.uk
(about%3Ablank) . For further information on Image Scan products, please
visit: www.3dx-ray.com (about%3Ablank)

About Image Scan Holdings plc

 

The core activity of the Group is the manufacture of portable X-ray systems
for security and counter terrorism applications. The Group recently launched a
cabinet X-ray machine. The products are taken to market across the world
through a strong network of international partners.

 

Over the last fifteen years, Image Scan has developed and manufactured
industrial X-ray inspection systems, the MDXi range. The primary market for
these systems is automotive emissions control where they are instrumental in
quality control inspection of catalytic converters and diesel particulate
filters.

 

The visibility and reach of the company's 3DX-Ray brand has been further
strengthened through a new LinkedIn profile focussed on its EOD and
counter-terrorism activities. This can be found at:
 https://www.linkedin.com/company/3dx-ray/ (about%3Ablank)

 

For further information on the Company, please visit: www.ish.co.uk
(about%3Ablank)  - and for further information on its products, please
visit: www.3dx-ray.com (about%3Ablank)

 

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